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Contributions to a history of prices in Norway: Monthly price indices, 1777-1920

Author

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  • Jan Tore Klovland

    () (Norwegian School of Economics (NHH))

Abstract

This study reports the outcome of an effort to collect market price data for Norway with a view to constructing monthly price indices from the year 1777 to 1920. The material covers data on commodity prices from agriculture, shery, dairying, manufacturing and mining. Indices of the wholesale and producer price index families are constructed, using the repeat sales method for constructing the underlying price series. Separate indices for commodity exports and imports are also presented. The new wholesale price index, as well as the export and import price indices, are linked to existing price indices after 1920 and brought forward to the end of 1940. The price indices shed new light on two great wartime inflationary episodes in Norway: 1807-1817 and 1913-1920. In spite of a 61-fold increase in the price level in the first period and a 4-fold increase in the second, it is found that, after inflation had been brought under control, prices reverted to a level consistent with the purchasing power parity principle.

Suggested Citation

  • Jan Tore Klovland, 2013. "Contributions to a history of prices in Norway: Monthly price indices, 1777-1920," Working Paper 2013/23, Norges Bank.
  • Handle: RePEc:bno:worpap:2013_23
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    File URL: http://www.norges-bank.no/en/Published/Papers/Working-Papers/2013/WP-201323/
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    More about this item

    Keywords

    Price index; Price history; Purchasing power parity;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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